According to a recent survey conducted by Appinio, despite the collapse in crypto prices and the start of the bear market, ‘more than half (55%) of crypto investors held their investments

Crypto and equities markets are down, and aside from the positive news of Celsius repaying all of their debt and avoiding a massive liquidation, there are few on-the-spot reasons that are prompting investors to buy Bitcoin (BTC) and altcoins.

The collapse of numerous decentralised finance (DeFi) protocols, crypto investment funds and BTC trading 60% below its all-time high continue to weigh on sentiment, but a few positive tidbits of data could be a sign that the market is ready to enter a consolidation phase.

According to a recent survey conducted by Appinio, despite the collapse in crypto prices and the start of the bear market, ‘more than half (55%) of crypto investors held their investments in response to the recent crypto-asset market sell-off with just 8% selling their investments.’

This suggests that the investment conviction of a majority of crypto investors remains strong. The study also found that ‘33% of American investors are invested in crypto-assets,’ and ‘40% of investors believe Bitcoin presents the best investment opportunity over the next three months.’

When it comes to how American investors responded to the broad pullback across financial markets, Appinio found that 65% of respondents held their investments and remained confident in their choices.

When asked to pinpoint their most pressing short-term concerns, 66% of respondents cited rising inflation, 39% highlighted the state of the global economy and 34% identified international conflict.

According to Callie Cox, United States investment analyst at eToro, these concerns combined with ongoing uncertainty ‘and an overall increase in cost of living and housing costs’ have formed ‘a perfect storm of setbacks’ for investors.

Cox said: Despite these factors, investors across generations are demonstrating a level of maturity and understanding and are not letting emotions dictate important money decisions.

In addition to the resiliency displayed by crypto investors, several on-chain metrics also suggest that the market may have hit oversold territory and is primed for a period of consolidation.

The MVRV Z-score, which uses a combination of Bitcoin’s market value, realised value and z-score, has been a reliable tool to help identify when BTC is ‘extremely over or undervalued relative to its fair value,’ according to LookIntoBitcoin.